H.C. Wainwright initiates coverage on Mirati Therapeutics (NASDAQ: MRTX) with a Buy rating and a price target of $12.00.

Analyst Shaunak Deepak commented, " We believe that Mirati’s approach to drug development remains sound: identifying compounds that show activity in biomarker-specified subpopulations of patients. We believe Mirati’s selective kinase inhibitors, glesatinib and sitravatinib, offer the most compelling potential; however, we need to see additional efficacy data in 2017 to become more comfortable with their prospects. That said, with MRTX shares trading where the are, we believe Mirati could be a high-reward story with the otherwise high-risk offset by a relatively strong balance sheet."

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